As usual the initial knee-jerk reaction (in this case lower in stock prices and higher in bond yields) has been faded rapidly and despite Fed warnings over investor complacency (and real economic uncertainty not being priced in), investors are buying bonds and stocks with both hands and feet (for now)... Gold is spiking higher as the USD drops.

I'm going to take this as an early sign that the FED has finally lost control. They can't even jawbone SPX a couple of points into the red despite being at all-time highs? Despite pretending that QE is done in Oct? Wow. We really are going Zimbabwe or bust.

So over the last week, Yellen has basically said, "Investors are being too complacent, but there don't appear to be bubbles, broadly speaking. We won't rasie rates anytime soon and when we do, we won't raise them much. And, by the way, we certatainly won't raise them to quell bubbles, which we don't see now. So, game on! Run on out and go be complacent!"